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AIG Rebrands Alternatives Unit
by Paula Schaap ,Senior Reporter , November 20, 2009

Insurance company American International Group renamed its $88 billion alternative investments unit as it finalized its sale to Hong Kong-based Pacific Century Group.

The new entity will be named PineBridge Investments, AIG said in a statement Friday. The name signifies AIG’s roots on 70 Pine Street in Manhattan, the insurer said.

Those New York headquarters, like PineBridge, have been sold to raise money for the financially strapped company, which has had to turn to the U.S. government for billions in aid.

PineBridge was sold in September to Pacific Century for $500 million. Pacific Century is run by Hong Kong billionaire Richard Li.

PineBridge is a global, multi-product asset manager that invests in equities, fixed income, hedge funds and private equity. As of June 30, it had more than $88 billion in assets under management.

  
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POSTED BY Paula Schaap at 11/20/2009 10:31:04 AM
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